Sungwon - S Korean firm eyes foray into Qatari
SOUTH Korean construction firm Sungwon Corporation
plans to participate in a number of mega infrastructure development
projects in the Middle East, in particular Qatar.
Sungwon, one of the largest construction firms in South Korea, is
entering the Qatari market as part of its regional growth strategy
to tap the huge potential which exists in public works projects and
property development in the Middle East.
Korean firm is planning joint ventures with local partners in
various sectors including construction material manufacturing plants
and the import and distribution of heavy machinery in addition to
various tenders already submitted for infrastructure projects.
Sungwon will invest over $100mn in 2007 in hardware, equipment,
labour mobilisation and land acquisition through various planned
joint ventures in Qatar.
Sungwon’s entry into the Qatar market, the founder and chairman of
Sungwon Corporation, Yoon-Soo Jeon, said: “Qatar’s successful
hosting of the 15th Asian Games has created a major impact in Korea.
The awareness subsequently generated on the investment opportunities
by Qatari business leaders during a visit to Seoul has spurred South
Korean investors to make a bee-line to Qatar.”
said his company had been targeting Qatar for the last two years as
the country with the biggest potential in the region for
construction projects, especially in the field of infrastructure
Sungwon is now expanding the scope of its earlier commitment with a
number of other projects, he added.
Sungwon regional vice president Richard Lee said: “Based on a
feasibility study undertaken in Qatar, we are in the final stages of
establishing joint ventures in the construction, property
development and construction-related industries. We are keen to
carry out public infrastructure construction in Qatar including
roads, bridges, highways, sewerage pipe installation and
environmental plants, to name a few.
like the rest of the Gulf, is experiencing rapid growth, both in
terms of foreign direct investment and tourism. Qatar promises to be
an extremely productive market in terms of infrastructure work as
the government has embarked on an ambitious plan to modernise
infrastructure,” Lee added.
also looking at forging strategic alliances with key local partners
in the GCC region.
already earmarked over $1.2bn in investments over the next three
years for the property development sector in the region. Sungwon is
also carrying out civil works in other GCC nations.
to the Middle East, Sungwon is already playing an active role in
construction and property development projects in several other
countries outside South Korea including Kazakhstan, South Africa,
the US and other parts of southeast Asia.